Shares of Valeant Pharmaceuticals International (VRX) seesawed Wednesday after a hedge fund said the embattled drugmaker appeared to have business ties with dozens more pharmacies than previously known.

Bronte Capital, an Australia-based hedge fund with bearish financial bets on Valeant stock, published a list of more than 70 pharmacies it suggested the drugmaker may have used to distribute its medications to patients. Many bear names that appear to have been drawn from chess terms or Stephen King novels, the fund said in a blog post.

The disclosure comes after Valeant cut business ties with Philidor Rx Services, a Pennsylvania-based specialty pharmacy that distributed the drugmaker's dermatology medicines. Valeant dropped the company after the nation's largest pharmacy benefit managers ceased doing business with Philidor based on questions about its operations seeking insurance reimbursements for the medications.

"This should keep the fraud investigators for various insurance companies busy," the Bronte blog post said of the new list of pharmacies.

John Hempton, the hedge fund's chief investment officer, confirmed in an email that he has a short position on Valeant shares. That strategy would produce a profit if the stock fell in value.

Valeant shares closed down 0.49% at $87.02 after retreating from intra-day gains. The stock has lost nearly 68% of its value since a $262.52 close on Aug. 5.

Valeant said the new allegations "contain significant inaccuracies." The company also suggested the hedge fund's contentions were the latest raised by short-sellers "in an attempt to drive down our stock price."

The pharmacies cited by the hedge fund appear to have been formed on or before Aug. 8, Valeant said. That date was months before the company cut ties with Philidor.

The company previously disclosed that 7.2% of its sales this year through the third quarter were processed through specialty pharmacies. That percentage hasn't changed, Valeant said.

"Furthermore, our board of directors has appointed an ad hoc committee to review allegations related to Valeant’s business relationship with Philidor and related matters," the company said.

Federal prosecutors in Massachusetts and New York recently subpoenaed Valeant seeking 's drug-pricing and distribution practices. The Senate Special Committee on Aging is also reviewing those and other Valeant-related matters.

The company is scheduled to give shareholders updated financial guidance and a briefing on certain business operations and research and development programs during an investor-day session scheduled for Dec. 16.